HudBay Minerals (NYSE:HBM) Sets New 1-Year High – Should You Buy?

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $20.69 and last traded at $20.5620, with a volume of 150306 shares. The stock had previously closed at $19.85.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on HBM. The Goldman Sachs Group began coverage on HudBay Minerals in a research report on Monday, September 8th. They issued a “buy” rating for the company. Wall Street Zen downgraded shares of HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Raymond James Financial reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Friday, October 10th. Citigroup initiated coverage on HudBay Minerals in a research report on Monday, December 15th. They set a “buy” rating and a $23.00 target price on the stock. Finally, Bank of America upped their price target on HudBay Minerals from $16.50 to $19.50 and gave the company a “buy” rating in a report on Thursday, October 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $21.25.

HudBay Minerals Stock Up 3.5%

The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $8.15 billion, a P/E ratio of 17.75 and a beta of 1.39. The firm has a fifty day simple moving average of $17.24 and a 200-day simple moving average of $13.92.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. The business had revenue of $346.80 million during the quarter, compared to the consensus estimate of $538.16 million. During the same period last year, the business posted $0.13 EPS. The firm’s revenue for the quarter was down 28.6% on a year-over-year basis. On average, equities research analysts expect that HudBay Minerals Inc will post 0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On HudBay Minerals

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in shares of HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after acquiring an additional 1,033 shares during the last quarter. Quarry LP acquired a new stake in HudBay Minerals in the third quarter valued at approximately $38,000. Global Retirement Partners LLC bought a new stake in HudBay Minerals during the 3rd quarter valued at $45,000. IFP Advisors Inc bought a new stake in HudBay Minerals during the 3rd quarter worth approximately $45,000. Finally, Banque Cantonale Vaudoise grew its holdings in HudBay Minerals by 513.5% during the third quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after buying an additional 2,655 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.